Jeff Lichtenstein Shares How Cold-Calling Became His Go-To Tactic

With an average 4.82% success rate, cold calling remains one of the more effective lead-generation methods, making it a necessary tool for the modern real estate agent. That said, many agents find cold outreach in any form intimidating—not to mention exhausting, as it typically takes numerous follow-ups to make a sale.

So, how can agents improve their communication and make their cold outreach more effective? To answer this question, PropStream spoke with Jeff Lichtenstein, a broker in Boca Raton and CEO of Echo Fine Properties, which employs over 100 agents. Read our exclusive Q&A with him below to get tips on how to expand your business with strategic outreach.

Q: Can you tell me about a time when you won over a great client through cold outreach?

I called a gentleman to invite him to an open house. He told me he was dying of terminal brain cancer and that his estate was taken care of. Click. That one affected me. I sent a plant and told him I was thinking of him.

Four months later, his son called. His dad had passed away. But before he died, he told his son that he wanted me to have the listing.

Q: In your personal experience, what methods work best when it comes to cold outreach, and why?

For me, the phone has always gotten me the most engagement. Calls get you the quickest growth because you are reaching the most people the fastest. I would place 40 to 50 calls per day, followed by 40 to 50 notecards. The note cards are key as they reinforce the call and are another touch.

Door knocking has also worked well for some of our agents. (Tip: Don’t drink water right before you go because you’ll be tempted to give up if you have to go to the bathroom.)

Email, text marketing, and postcards are great, but they should be treated as supplemental.

Keep in mind that cold outreach methods work with each other. Calling by itself won’t help much unless you do all the other types of outreach, too. It’s the culmination that breaks it open.

Q: What is your process for cold outreach for each of the methods you use?

First, I recommend picking an area that you're going to do business in and become an expert in that area. Learn that area really well.

Then you need a lot of touches or interactions. My goal is generally to have 17 to 24 touches within a certain period of time. It may start out with a cold call, during which I may talk to them or simply leave a short message if they don’t answer. It’s okay if you have to leave a message—a voicemail is an advertisement. In my voicemail, I might say, “We're having an open house this Sunday from 12 to 3,” or “We just put a certain house on the market that's down the street from you.” Just remember to include a call-to-action.

After that, on the same day, I send a note card out. The note card may say, “Hey, [Name], just a quick note to say I'm sorry that I missed you. The purpose of my call was …” Or I might say, “It was a pleasure talking with you earlier.” This is where you can show off your follow-up skills.

After the postcard, they might see me in person next. Maybe I’m driving the car in their neighborhood, or they meet me at an open house. If I’m knocking on doors, I make sure to have materials to drop off if they don’t answer.

I also might follow up with email marketing and texting, but that only works well in areas where I’ve first done some cold calling.

I touch base with a person multiple times, and those touches build on one another. It’s no different from what a company like GEICO, for example, does with its ads all the time. They don't expect you to buy insurance after each commercial—whether it's a radio ad, a television ad, or a crossover ad with another company.

Also, be sure to use a CRM to make notes as you reach out and follow up with people.

Q: What mistakes do you often see real estate agents make when they’re reaching out to cold leads?

They give up way too quickly. It can take up to six to 12 months before cold outreach begins to produce the fruit you want. It takes time to build an agent brand—maybe 17 to 25 touches. Each touch is a layer that gets you closer to your goal.

I also see agents not doing enough calls to produce momentum. Not calling enough is like not pedaling a bicycle. If the bike's wheels aren’t turning fast enough, it will just fall down. You've got to keep the momentum up.

Next, some agents don’t properly listen for cues. Here’s an example: somebody who is going to sell their house is not going to say, “Oh, we're thinking of selling. Come on over.” They’re going to say, “How is the market?” and ask similar questions. You have to listen for those cues and follow up on that interest.

Q: What communication tips do you have for agents seeking to get clients through cold outreach?

When first reaching out to a lead, I make it a point to speak a bit quickly and not start out asking, “How are you?” That will just result in a fast “Not interested.” Instead, I say, “ The purpose of my call is …” Short and to the point has always worked best for me with cold calling.

Secondly—and this connects with my prior answer—I see some agents relying too much on scripts. Instead of reading straight from a script, they should say, “Hey, tell me about you,” and get them to talk a little bit or find a connection.

I always try to be real and connect wherever there is an opening.

For example, I was interacting with a lead whose last name was Cairo, and I said, “Funny, I’m in Chicago. Any relation to the Cairo Animal Hospital?” And he says, “No, but I lived in Chicago.” That allowed us to start talking, and then he said, “I don’t usually take calls from guys like you.” Later on, he called me back, and that wouldn’t have happened without finding that camaraderie quickly and listening to his cues.

Q: What’s your final piece of advice for agents who want to start cold calling?

Don’t give up! Remember, it takes six to 12 months to really see a difference. Also, make sure you always keep your appointments with leads, and don’t break them.

Let PropStream Set You Up for Cold-Calling Success!

Cold-calling can be an excellent way to reach out to prospects if you stay consistent, personable, and follow up with various other methods. However, to truly get the most out of cold-calling, you need an efficient way to find leads with the most motivation to work with you and a quick way to get their contact information.

This is where PropStream comes in. PropStream does the work for you of finding lead motivation. With 20 premade Lead Lists (like Failed Listings, Pre-Probate, Pre-Foreclosure, and more) and additional filters, you can narrow down the most motivated sellers and/or buyers in your region.

After saving the best prospects to marketing lists, you can perform a skip trace to find phone numbers and emails in just minutes.

Psst! PropStream offers free skip tracing on select plans. Learn more on our Pricing page.